Editor’s Note
Wheaton Precious Metals has announced a planned leadership transition, with President Haytham Hodaly set to become CEO in March 2026. Current CEO Randy Smallwood will assume the role of non-executive Chair.
Wheaton Precious Metals (TSX:WPM) has set a firm date for its leadership handover. President Haytham Hodaly is scheduled to become CEO on March 31, 2026, while long-time leader Randy Smallwood will move to the role of non-executive Chair.
The CEO succession news comes after a strong run in the shares, with a 90-day share price return of 29.65% and a 1-year total shareholder return of 98.08%. This suggests that momentum has been building rather than fading.
With the shares up sharply and Wheaton trading at a discount of about 22% to one analyst price target, the key question now is whether you are looking at an undervalued compounder or a stock where the market is already pricing in future growth?
The most followed narrative sees Wheaton Precious Metals trading a little below its fair value of CA$190.41, with the last close at CA$185.90, and builds a detailed case around future growth and cash generation.
However, that fair value story still hinges on rich P/E assumptions and higher gold and silver prices, so weaker metals or sentiment could quickly challenge it.
The fair value work paints Wheaton Precious Metals as modestly undervalued, but the current P/E of 61.7x tells a different story. That is roughly double the peer average of 30.7x and well above the fair ratio of 32.8x, which suggests the share price already bakes in a lot of optimism.
It also trades at a premium to the Canadian Metals and Mining industry P/E of 24.9x. If the market ever shifts closer to that fair ratio, the re-rating could be painful for anyone buying at today’s levels. The real question is whether you think Wheaton’s future can keep justifying that kind of premium.